MONTREAL, CANADA--(Marketwired - April 16, 2014) - OREX EXPLORATION INC. (TSX VENTURE:OX) ("Orex" or "the Corporation") - The board of Directors have received the Preliminary Economic Assessment ("PEA") on the Goldboro gold project undertaken by MineTech International Limited ("MineTech") of Halifax, Nova Scotia. MineTech reviewed the Boston Richardson and the East and West Goldbrook deposits at Goldboro, Nova Scotia, Canada, which collectively holds a Measured Resource of 27,900 ounces of gold (149,000 tonnes at 5.8 g/t gold) and Indicated Resource of 358,700 ounces (1,436,000 tonnes at a grade of 7.8 g/t gold) using a 3 g/t cutoff grade. The deposits also contain Inferred Resources of 343,400 ounces gold (1,537,000 tonnes at 6.95 g/t gold) as disclosed in the February, 11th 2013 Mercator NI 43 - 101 report.
The Preliminary Economic Assessment includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Preliminary Economic Assessment will be realized.
The Board of Directors have reviewed the document and have approved the release of the report, which will be posted on SEDAR shortly.
Highlights from the report:
Goldboro Mine Nova Scotia |
GOLD PRICE IN US$ PER OUNCE | |||||
$1,200 | $1,250 | $1,300 | $1,350 | $1,400 | $1,450 | |
Discount Rate | Net Present Value after tax (NPV) | |||||
5.0% | $98 M | $107 M | $116 M | $124 M | $133 M | $142 M |
7.5% | $80 M | $88 M | $95 M | $103 M | $110 M | $118 M |
10.0% | $66 M | $72 M | $79 M | $85 M | $92 M | $99 M |
It is anticipated that an environmental study capable of complying with world recognised Equator Principles will be undertaken. www.equator-principles.com
Technical information pertaining to the Preliminary Economic Analysis contained in this news release was reviewed by Patrick Hannon, M.A.Sc., P. Eng., of MineTech International Limited, who is an independent Qualified Person as defined under National Instrument 43-101.
Commenting on this development, Willie McLucas, President and CEO said "When I first visited the Goldboro property in August 2013, I was excited by the opportunity and I am very pleased that the results shown in the PEA confirm my optimism. The recent increase in interest in gold projects in Nova Scotia can only be of benefit to our cause. Your Board will now actively commence the search for a debt funding package of this project in order to minimise dilution to existing shareholders."
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